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Headliners (EzionHldg, OCBC Bk, Semb Corp, StarHub)
Headliners | 11 May 2012
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By: Scott Lee
Articles (3) Profile

Ezion Reports 20th Consecutive Growth Quarter
Ezion Holdings, a provider of multi-purpose self-propelled jack-up rigs, service rigs and offshore logistics support services reported a 20th consecutive quarter of growth. In its 1Q12 earnings report card, Ezion achieved a 42.3% growth in revenue as it reaped dividends from the deployment of an additional Liftboat in the Java Sea and vessels in Australia. In addition, Ezion’s joint venture rig in the North Sea had provided an additional boost as shares of results from joint ventures increase 38% to US$3.7m. Excluding a one-time gain from the sale of a LiftBoat in 1Q11, 1Q12 earnings increased 23.2% y-o-y. Chew Thiam Keng, chief executive officer opined that with the successful deployment of the first Liftboat in Southeast Asia, there is anticipation of robust demand for platform maintenance and well servicing in the region. The recent private placement of 110m new shares had also bolstered its balance sheet and the group hopes to use the proceeds to meet robust market demand for long term growth.

OCBC Steps Up Its US Note Programme To US$10b
Oversea-Chinese Banking Corporation (OCBC) has updated its US commercial paper programme, doubling to US$10b and continues to expand its US$ loan book. The current US$5b programme was set up on 16 Aug-11 and total outstanding is about US$4b. OCBC head of group corporate communications, Koh Ching Ching noted that the US$ is the most widely used international currency and the bank sees good investor demand for short term commercial paper in US$ issued by highly-rated US and foreign issuers. OCBC has been aggressive in expanding its trade finance business and at the end of 2011 almost doubled its US$ loans to $35.7b from $18.9b a year ago. Its US dollar loan to deposit ratio at end 2011 stood at 162% against a group loan to deposit ratio of 86.4%. OCBC’s increase in the size of its US commercial paper programme will enable the bank to tap into the demand in the market and provide them the flexibility to increase issuances. The proceeds will also allow it to further grow its lending business.

Sembcorp Acquires Chinese Assets For US$85.5m
Sembcorp Industries announced on 7 May-12 that its subsidiary, Sembcorp Utilities has signed an agreement to acquire part of The AES Corporation’s power asset portfolio in China for US$85.5m ($106.7m). AES is a global power company and has in its power portfolio several wind power assets as well as traditional coal-powered electricity generation assets. The acquisition by Sembcorp will be for a 49% stake in four wind power assets and a 25% stake in a coal-fired power plant. Tang Kin Fei, Sembcorp President and chief executive officer commented that the acquisition will strengthen the group’s global energy portfolio and accelerate its growth in the renewable energy sector. Tang was particularly excited about the inclusion of wind power into Sembcorp’s portfolio as the group secures a significant milestone to tap into the fast-growing and largest wind power market in the world. The Chinese government has pledged to have 15% of its energy from renewable sources by 2020 with an investment of more than Rmb300b in 2010.

StarHub Reports 1Q12 Earnings Above Market Consensus
StarHub announced on 4 May-12 that it recorded stable growth across all its business segments for 1Q12. Total operating revenue improved 8.2% to $591m while earnings grew 28% to $88m. StarHub’s pay TV segment secured the best growth amongst all its other operating arms with a 5% y-o-y growth. However, in terms of total dollar contribution, StarHub’s Mobile segment continued to be chief contributor to its topline performance. Its mobile segment grew 4% and contributed a massive 52% of StarHub’s total revenue. StarHub’s broadband and fixed network operations both grew at a slower rate of 3% and 2% respectively. Neil Montefiore, chief executive officer remarked that the group had turned in a good set of results despite increased competition. Additionally, StarHub opines that its operating revenue will continue growing this year with margins expected to be around 30%. Despite the improved performance, StarHub is adamant on keeping its annual cash payout of $0.20 per share for 2012.

Ezion Hldgs  -- -- --   
Business: Co develops, owns, and charters offshore assets to support the offshore energy markets. [FY17 Turnover] Liftboats (49.7%), Jack-up Rigs (39.5%), Offshore Support Logistic Services (10.8%).

Insight: Aug-18, 1H18, Co returned to the black with a net ... Read More
Oversea-Chinese Banking Corp  10.780 +0.04 +0.37%   
Business: [FY18 Turnover] Global corporate/investment banking (35%), global consumer/private banking (34.8%), OCBC Wing Hang (11.5%), insurance (11%), global treasury & mkts (7.7%).

Insight: May-19, 1Q19 total income rose 14.7% driven by str... Read More
Sembcorp Industries  2.090 -0.02 -0.95%   
Business: Primarily engaged in the production and supply of utilities services. [FY18 Turnover] Utilities (55.9%), marine (41.8%), others/corp (2.2%), urban development (0.1%).

Insight: May-19, 1Q19 revenue fell 10.1% to $2.5b due to lo... Read More
StarHub  1.290 -- --   
Business: [FY18 Turnover] Mobile (34.9%), sale of equipment (22.4%), enterprise fixed (21.6%), pay TV (13.2%), broadband (7.9%).

Insight: May-19, 1Q19 total revenue rose 6% to $596.8m attr... Read More

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